Colliers’ revenue shrinks as pandemic uncertainty hits
Colliers International’s revenue shrunk by 26% in Q2, compared to last year, as leasing and capital markets were hit by uncertainty over the pandemic.
In the agent’s results for the three months ended 30 June, revenue dropped to $550.2m (£418m), compared to $745.5m in Q2 2019.
Leasing and capital markets took the biggest balance sheet hit. Revenue from leasing activities fell by 46% to $136,789 from $253,374 the year before. Revenue from capital markets activities dropped by 30% to £115,005 from £163,603 the year before.
Colliers International’s revenue shrunk by 26% in Q2, compared to last year, as leasing and capital markets were hit by uncertainty over the pandemic.
In the agent’s results for the three months ended 30 June, revenue dropped to $550.2m (£418m), compared to $745.5m in Q2 2019.
Leasing and capital markets took the biggest balance sheet hit. Revenue from leasing activities fell by 46% to $136,789 from $253,374 the year before. Revenue from capital markets activities dropped by 30% to £115,005 from £163,603 the year before.
However, the majority of the agent’s earnings come from investment management and outsourcing and advisory activities, where the impact of coronavirus has been less significant.
Its outsourcing and advisory revenue dipped by 9% to $257,044 from $281,638 and its investment management revenue fell by 12% to $41,389 from $46,902.
The agent also received $10.2m from government help schemes in several countries, and the company said it may receive further support in future quarters.
EBITDA decreased to $60m from $87.3m.
Colliers International chief executive and global chairman Jay S Hennick said: “Fortunately, the majority of our earnings now come from investment management and outsourcing and advisory – high-value-add professional services that are recurring and contractual – providing us with more resilience and service line diversification than ever.
“Pandemic uncertainty in leasing and capital markets continues to impact our results, though we expect gradual improvement for the balance of the year.”
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